Avid Bioservices (NASDAQ:CDMO) issued its quarterly earnings results on Monday, March 12th. The biopharmaceutical company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.09), Bloomberg Earnings reports. Avid Bioservices had a negative return on equity of 57.49% and a negative net margin of 46.62%. The business had revenue of $6.82 million for the quarter, compared to analysts’ expectations of $8.95 million.
Avid Bioservices stock remained flat at $$3.40 during mid-day trading on Thursday. The company had a trading volume of 506,310 shares, compared to its average volume of 385,956. Avid Bioservices has a 52 week low of $2.24 and a 52 week high of $5.78. The stock has a market capitalization of $181.66, a price-to-earnings ratio of -3.86 and a beta of 2.24.
The firm also recently disclosed a dividend, which was paid on Monday, April 2nd. Investors of record on Monday, March 19th were given a $0.6563 dividend. The ex-dividend date of this dividend was Friday, March 16th.
In other news, Director Mark R. Bamforth purchased 50,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $2.25 per share, for a total transaction of $112,500.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.53% of the company’s stock.
About Avid Bioservices
Avid Bioservices, Inc, formerly Peregrine Pharmaceuticals, Inc, is a biopharmaceutical company. The Company is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts. The Company delivers pharmaceutical products through its contract manufacturing business and through licensing its development-stage immunotherapy products.
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